ICE hosts Infrastructure Funding Summit

A summit on infrastructure funding, hosted by the Institution of Civil Engineers, took place yesterday with industry leaders, policy specialists and senior spokespeople from the three main political parties taking part.

The Institution of Civil Engineers has been calling for the creation of a UK National Infrastructure Investment Bank or similar funding mechanism to facilitate and encourage private capital to invest in major infrastructure.
The event provided an opportunity for key stakeholders to address important issues such as the need to secure a better environment for investment through improved processes for the planning, design and delivery of major infrastructure projects.

ICE believes that any new institution must work closely within the new infrastructure framework established through the creation of Infrastructure UK and the 2008 Planning Act reforms.

ICE President, Professor Paul Jowitt “We must find a way of ensuring continued investment in our transport, energy, waste, flooding and water infrastructure, despite the restrictions the current financial situation places on government spending.”

Ian Pearson MP, Economic Secretary to Treasury, addressed an importance of infrastructure for UK’s economy growth. Speaking after the event the Minister said “The challenge now is to raise the bar by attracting new sources of private sector investment as we plan, prioritise, finance and deliver investment in a low carbon future.

“The Government will unveil its strategic approach at Budget.”

Dr Vince Cable MP, Liberal Democrat Shadow Chancellor, an advocate of the idea for a National Infrastructure Bank said

“It is very clear there is enormous potential demand for infrastructure investment which the existing mechanism cannot meet, because of the difficulties facing banks and the Government’s own financing problems. There is a potential source of funding from institutional investors – pension funds and insurance companies - who are looking for potential safe investment opportunities.”
Mark Hoban MP, Shadow Minister for Treasury, spoke about the approach a new Conservative Government would take if elected. Mr Hoban said “There is an important role for private sector finance in the provision of infrastructure, but we need radical reform to government if we are to make sure the UK is an attractive place for private finance and to ensure we get maximum value for money for the tax payer”

The event was sponsored by Local Partnerships and Bechtel.

Coverage of the event was gained in the Financial Times and Evening Standard